By Bakare Olatunde
The National Pension Commission (PenCom) has called on Pension Fund Administrators (PFAs) to request the Bank Verification Number (BVN) from Retirement Savings Account (RSA) holders in the processing of their requests for Data Recapture in the country.
The circular read, “ (PenCom) hereby directs that all Pension Fund Administrators (PFAs) must require the mandatory provision of the Bank Verification Number (BVN) from individuals/RSA holders in processing their requests for RSA Registration or Data Recapture, as applicable.
The circular requires all Pension Fund Administrators (PFAs) to ensure the mandatory inclusion of the 11-digit BVN during RSA registration and data recapture processes. This measure applies to new RSA registrations and updating existing records.
“RSA Registration: BVN must be provided for all new RSA Registrations. PFAs must indicate that the BVN Field on their RSA Registration Forms is Mandatory.
“Data Recapture: PFAs must obtain the BVN of RSA holders at the point of their Data Recapture. Consequently, PFAs must indicate the BVN Field on their Data Recapture Forms is Mandatory.
“Existing Records of RSA Registration and Data Recapture on the Enhanced Contributor Registration System (ECRS): Provision will be made by the Commission for PFAs to update the BVN records of existing RSA holders already on the ECRS, where they have not been provided, before the implementation of this Circular
“This Circular supersedes the provisions of Sections 2.2.1 (15) and 5.3.6 (16) of the Revised Guideline on Retirement Savings Account Registration (2024),”
PenCom has urged PFAs to comply promptly with these new requirements and directed all inquiries related to the circular to the National Databank Management Department.
